The board of trustees of Newtown Savings Bank has unanimously adopted a plan of reorganization to restructure from a standalone mutual savings bank to a mutual holding company.
In addition to regulatory approvals, the plan was also subject to a vote by the bank”™s depositors, which gave the bank the necessary majority to approve the plan.
As previously reported, the bank will continue to operate as Newtown Savings Bank, and there will be no impact on any deposit accounts or borrower relationships. According to President and CEO John Trentacosta, the reorganization will not involve the offer and sale of common stock to depositors or any other persons.
The mutual holding company will be established officially in the first quarter of 2017.
